Local Economy Futures Model

The Local Economy Futures Model (LEFM) is a forecasting and economic impact tool developed specifically for the U.S. market to help decision-makers and strategic investors estimate the potential impact of future economic trends, policies and investments on their local economies.

The model has a strong theoretical underpinning, incorporating the latest thinking on factors determining local and regional economic competitiveness, yet at the same time is grounded in ‘real world’ empirical evidence.

LEFM can be configured for local areas (cities and counties), regions and metro areas, as well as states or multi-state areas to address a wide-range of policy topics including infrastructure and transportation, workforce and skills, climate change and clean energy, taxes and public finance, or local economic development projects.

Key features

An overview

Local competitiveness is determined by more than just costs of production. In LEFM, agglomeration, sectoral clustering, and the knowledge economy – both through the skills of the workforce and the ‘knowledge’ content within products – all have a role in determining long-term economic competitiveness and performance. Their relative importance varies between sectors and across places.

In LEFM, these forces and other behavioral responses emerge from the data – through past experiences – rather than being heavily reliant on theoretical assumptions.

Dan Hodge Executive Vice President dh@camecon.com